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Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
 There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering as well as SnP activity. As far as the latter is concerned, we observe a strong nega-tive trend in asset prices that has kicked off back in mid-2014, but which has nevertheless still hasn’t convinced buying interest to the extent that one would think. This trend affects all segments and ages with the most repre-sentative examples those of the 10-year old Panamax and the 5-year old Cape, the prices of which are currently at a massive discount compared to a year ago.
The obvious question that rises among the majority of shipowners and po-tential investors is whether this is the right time to invest in second hand vessels or not, but this time round the argument for investing is very hard to make as the present earnings from the very depressed freight market are at levels that in many cases fail to even cover operation expenses.
So does buying a ship at a low freight market entail a substantial risk? The answer is a definitive yes, but as it has happened many times in the past, such risks have proven to be excellent investment choices when improved freight levels finally take place following a market recovery. The million dol-lar question is as always what is the best time for such investments, and one that cannot be answered as the “perfect timing” or “accurately calling the bottom” is a very rare occurrence in this market to begin with.
When looking at the very low asset prices and the fairly intense buying inter-est of the last month, especially for vessels build post 1990, one could ob-serve that some key players are eager to buy at the lowest price they can achieve right now, having in mind that the BDI has reached its historical bottom recently and a gradual rise is bound to happen even at a pace that might not secure immediate profit for shipowners.
At the same time, the oversupply of available tonnage in the dry market remains a very important issue, especially if one takes into account the num-ber of bulkers that are due to be delivered this year following the ordering spree of 2013. Slippage and cancellation might help this number eventually come in lower than expected, while on top of that, intense demolition activi-ty is already offering hopes for a much needed breather in the dry bulk mar-ket, despite the fact that demo prices are currently in the range of $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Tuesday, 20 October 15
API 5 FOB NEWCASTLE COAL SWAP CLOSED NEGATIVE
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $1.23 per ton (2.86%) month over month to US$ 41.80 per ton. The ...
Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
COALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4 ...
Monday, 19 October 15
CFR SOUTH CHINA COAL SWAP CLOSED AT $48.68 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 55 (1.12 %) per ton month over month.
A commodity ...
Monday, 19 October 15
KOMIPO SEEKS 1.28 MILLION T/Y COAL FOR DEC 2015 - Q2 2016
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,280,000 Metric Tons (MT) of minimum 4,600 kc ...
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- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
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